Standard & Poor's Ratings Services said Zurich Financial Services remains on CreditWatch negative pending the successful implementation of its rights issue.
The ratings of ZFS were lowered to A+ and placed on CreditWatch following the group's announcement that it will increase its net non-life reserves by $2 billion following a third-party actuarial review, write down asset values by $1 billion, and incur restructuring charges of about $500 million in the second half of 2002.
These actions will put significant strain on the group's already reduced risk-based capitalization. ZFS, however, also announced plans to implement a significant capital and operational improvement program to rebuild its balance sheet strength and enhance its net income in 2003 by an additional $1 billion. The successful completion of the rights issue is one of the cornerstones of this program.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
